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Star's lawsuit shows not only family affected by divorce

Residents of St. Charles, Missouri, are aware that divorce can be difficult. Fights often occur between the divorcing couple, especially when there is a sizeable amount of money or assets that can be divided. Most high-net worth divorces take a long time to finalize because of the intricate process of dividing assets and the pursuit of hidden assets.

Take into consideration a new lawsuit that a basketball star is facing right now. The lawsuit, filed by his estranged wife, accuses him of conspiracy with a number of his endorsers to prevent her from receiving a portion of his future income, as awarded by an earlier divorce court ruling. The lawsuit also seeks more than $1 million in damages for civil conspiracy and breach of contract.

In their divorce in 2008, the basketball player and his former wife entered into an Agreed Preliminary Injunction. It stated that all of his income received from marketing contracts and endorsements is required to be deposited into a financial institution that they both chose. The ex-wife then sent mail to all of his partners to inform them that any funds paid to him were to be deposited into their joint account. As long as this dispute continues, the player may have a difficult time signing new endorsement deals as partners fear that they may get involved in the dispute.

This case exhibits how proper asset division may play a significant role in a high asset divorce. To avoid continuous disputes like these, it is important for people who are divorcing in St. Charles to reveal all the assets in the marriage. It may also be important to remember that family law courts are quite sensitive to this kind of issue, especially avoiding alimony and child support payments. Violating them can lead to financial penalties that can be worse than the initial payment requirement.

For this reason, St. Charles couples who are going through a high asset divorce are advised to consult a legal professional. A knowledgeable legal professional may be very valuable in such a case as he or she can work with other professionals who can assess the true value of all the properties, and enforce agreements that are already established.

Source: Forbes, "Dwayne Wade Lawsuit Proves Not Even Sponsors Are Safe From Divorce Court," Jason Belzer, July 11, 2013.

Joseph J. Porzenski
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